Major news is buzzing from New Delhi, as Anil Ambani, chairman of the Reliance Group, and his wife, Tina Ambani, find themselves in the spotlight with fresh summons from the Enforcement Directorate (ED). This isn’t their first encounter with the federal agency, but the stakes are undoubtedly high.
The couple has been called for questioning next week in connection with an ongoing money laundering investigation. Tina Ambani, a well-known former actor, was initially asked to appear this past Monday but skipped her scheduled deposition. She is now expected on February 17, with Anil Ambani following on February 18. Their statements will be crucial and recorded under the Prevention of Money Laundering Act (PMLA).
So, what’s at the heart of this probe? While the broader investigation involves various Reliance Group companies and their bank loans, a significant focus for Tina Ambani’s questioning appears to be a money trail linked to the purchase of a luxurious condominium in New York’s Manhattan.
This property is central to some serious allegations. The ED claims it was “fraudulently” sold in 2023 during the corporate insolvency process of Reliance Communications (RCOM) by its former president, Punit Garg, who has since been arrested. The proceeds, a staggering USD 8.3 million (around Rs 69.55 crore), were reportedly remitted from the USA through a “sham investment arrangement” involving a Dubai-based entity with alleged Pakistan links – all without the knowledge or consent of the Resolution Professional.
This latest development is part of a much larger picture. The ED recently formed a special investigation team (SIT) to probe multiple alleged bank fraud cases and financial irregularities against the Anil Dhirubhai Ambani Group (ADAG), following directions from the Supreme Court. As part of this extensive inquiry, assets worth Rs 12,000 crore have already been attached, and three complaints have been filed against Reliance Group companies.
The situation is developing, and the business world is watching closely as the ED continues its deep dive into these high-profile financial matters.
